Joseph Mariathasan: The decline of India’s infrastructure buyers

first_imgAs anyone who has travelled around both India and China can attest, India lies a couple of decades behind China in terms of the quality of its infrastructure.This provides both frustrations and opportunities for investors. To create infrastructure that is on a par with China’s will take many years and gargantuan amounts of investment. Finance minister Arun Jaitley has estimated that India required $646bn (€590bn) over the next five years alone, 70% of which would be required in the power, roads, and urban infrastructure sectors.How well money is spent on infrastructure is as important as how much money is spent. To that end, economists and policy makers such as Ajay Shah – a professor at the National Institute for Public Finance and Policy in New Delhi – have long argued that the private sector should play a greater role in financing infrastructure in India.For investors, this sector also offers a potentially attractive and relatively low-risk strategy for taking advantage of India’s undoubtedly attractive long-term growth rates. For India itself, Shah argued that private ownership would give better hardware, as such investors care about what is being built. It would also give better safekeeping of the assets. He argued that private owners would strenuously push for adequate user charges, and act as a counterweight against the biases of the Indian political system in favour of low user charges and hence a burden upon the exchequer. The private sector is willing to walk away from unviable projects, in contrast to governments, which will build infrastructure in respond to political pressures. Shah made the case that Indian public finance would be better off with its balance sheet freed from infrastructure assets, with these instead held by listed utilities companies issuing debt and equity. By accessing global investors it is possible to deliver low-cost financing.With increasing interest in India from foreign investors, it might seem surprising that recent years have actually seen a marked drop in the share of private sector financing of infrastructure projects in India. From 2003 to 2011, there was a massive increase in private sector financing of infrastructure projects. By 2011, there was a stock of roughly $400bn of private infrastructure investment projects that were under implementation, according to Shah.But in the years following, the value of private infrastructure projects receded substantially to the tune of around $80bn in nominal terms. If inflation were taken into account, it would amount to a decline of 25%. In contrast, public sector financing of infrastructure has seen a steady growth since 2011, so the overall level of investment remained reasonably stable.It is not clear why private sector investment has declined. The original logic in favour of greater private participation in infrastructure remains unchanged. As Shah argued, the private sector would use capital more effectively, deliver a better incremental capital-output ratio, and take care of assets better. The compositional shift in favour of public infrastructure projects he saw as a weakness in India. The reason for the shift, he speculated, might be that in the first wave of private sector participation the Indian authorities did not adequately understand that it required complex institutional machinery.Instead of addressing the issues to enable private sector involvement, Shah said there had been an excessive willingness to give up on private sector participation and make do with muscular state-led investment. Such centrally planned projects have their strengths, but as the experience of China has also shown, there is a risk of large investments producing low returns in terms of incremental GDP per unit investment.For foreign investors, infrastructure investment in emerging markets could potentially offer attractive yields with relatively low risks and large capacities, albeit illiquid. India, with its political stability, should be able to provide infrastructure investments at attractive yields and risk levels for long term pension and sovereign wealth funds.It would be a shame both for India and for foreign investors if a framework could not be developed that gave them the comfort to invest in Indian infrastructure.last_img read more

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OEEC: Incorporating sustainability in policy, strategy, and behavior

first_imgHow can you promote a sustainability culture in your organization? How can you communicate effectively to engage millennials in the energy transition? How can the costs of the energy transition be distributed fairly across society?(Left) Aad Correljé, Associate Professor, Delft University of Technology, Faculty of Technology, Policy and Management, (Middle) Michiel Ottevanger, Commercial Advisor, Vermilion Energy, (Right) Maarten Bouwhuis BNR Nieuwsradio presenterMaarten Bouwhuis BNR Nieuwsradio presenter discussed these and other questions on how to manage change in support of environmental, economic and social sustainability during the Offshore Energy Exhibition and Conference in Amsterdam last month.In the talk-show, live-streamed on OffshoreEnergyToday.com, we heard from Aldo Scopetti, HSSE-Q Manager, Rosetti Marino SPA, Aad Correljé, Associate Professor, Delft University of Technology, Faculty of Technology, Policy and Management,  Jeroen Overduin, Senior Marketing Communications Advisor, Siemens / TransitieCoalitie, Michiel Ottevanger, Commercial Advisor, Vermilion Energy.Scopetti, from Italian offshore engineering and construction company Rosetti Marino, has shared his company’s way in including millennials in the sustainability story mix, by means of a competition in which a winning team gets to see its proposals on sustainability implemented across the company.He said that while the company could’ve simply hired a professional in the subject matter, they wanted also to see t point of view of the next generation of “our possible leaders.” When it comes to leadership, Scopetti feels one should lead by example and make sustainability part of its overall way of life, and not just focus on it at work.More needs to be done on awarenessOverduin, communications advisor at Siemens feels more needs to be done when it comes to raising awareness about the industry among millennials. He has shared an example where he asked eleven millennials of different nationalities to share their views on the level of the usage of sustainable energy sources. None of them got it right, significantly overestimating the sustainable energy use.He is working on a campaign to engage millennials in energy transition and raise awareness: “Most people don’t realize the scope of the issue and the scope of the solution.”Overduin also feels that a huge structural change needs to happen if we’re to attaining climate goals. He is not a proponent of the idea that simply choosing to shorten the time we spend in the shower, or eat less meat, or turn off the lights will lead to the needed goal when it comes to climate change prevention.Vermillion Energy’s Michiel Ottevanger, himself a millennial, joined the Canada-based company having previously worked for Shell.He moved to Vermillion as he was given an opportunity to work on concrete renewables projects (geothermal and biogas), taking the opportunity to have an “entrepreneurial approach in Vermillion and to make some impact.”He says he partly disagrees with Overduin over the impact of an individual action. He feels the main impact comes from people, and if everybody changed their life a little there could be a real impact.“My goal for this year is to inspire more people to make these changes,” Ottevanger said.Aad Correljé, Associate Professor, Delft University of Technology, Faculty of Technology, Policy and Management was asked about the stories that nobody wants to take on traditional oil and gas studies anymore.Correljé said it’s not exactly nobody but the amount of people going there for oil and gas exploration and production is decreasing.While he sees today’s students as having this natural inclination towards sustainability what he hears from students who are finalizing the studies and are going into the real world, starting to work, it really depends on the kind of company where they work; whether they are confronted with old paradigm with sustainability being something that you have to do…”whereas in other companies it’s already there as a value.”Watch the full talk-show below<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>Offshore Energy Today StaffPeople also readOffshore Energy 2018 | ON AIR talk-show: System integration across bordersOffshore Energy 2018 | ON AIR talk-show: Benefits and challenges of offshore platform electrificationOffshore Energy 2018 | ON AIR talk-show: Hydrogen – the holy grail for transmissionOffshore Energy 2018 | ON AIR talk-show: CCS as a lifeline to reaching Paris goalslast_img read more

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Seadrill shares start trading on OTC Markets following NYSE delisting

first_imgThe company filed a Form 25 with the U.S. Securities and Exchange Commission (SEC) on 11 June 2020 in order to delist its common shares from the NYSE, which occurs ten days thereafter upon the effectiveness of the Form 25. Seadrill gets NYSE listing warning To remind, Seadrill last April received a continued listing standard notice from the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days. Offshore drilling contractor Seadrill has transitioned to quotation on OTC Capital Markets following its delisting from the New York Stock Exchange (NYSE) with Oslo Stock Exchange now being its primary listing. However, Seadrill said in June it had decided to rationalize its listing arrangements. Business & Finance Posted: 5 months ago Seadrill announced last Friday the completion of its transition to the United States’ OTCQX Market as part of the delisting of its common shares from the NYSE. Under the rules of the stock exchange, Seadrill has been given a six-month cure period to regain compliance with the NYSE continued listing standard. center_img Accordingly, the company’s last day of trading on the NYSE was on 19 June 2020, which was the last trading day prior to the effectiveness of Form 25. Posted: 5 months ago The Oslo Børs will now become Seadrill’s primary listing, where it will retain its ticker symbol ‘SDRL’. Categories: The OTCQX Market is a well-established U.S. financial market for U.S. and international companies and will provide support to the company’s U.S. shareholders. Seadrill’s common shares are listed and tradable on the highly regulated and highly liquid OTCQX Market as of 22 June 2020. As a consequence, Seadrill moved to delist from NYSE and focus upon the Oslo Stock Exchange going forward.last_img read more

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OA, Batesville team up to ‘Turnover Hunger’

first_imgBatesville, In. — The Batesville High School Varsity Football team used the 2017 season to fight hunger.  Last season, the BHS team collected pledges from their fans through which the fans agreed to donate a dollar amount of their choosing for every turnover the Varsity Team forced throughout the season.  31 turnovers later and the team had raised $983 for the Batesville and Holton Food Pantries.As the 2018 football season approaches, the Oldenburg Academy Football team has agreed to join Batesville Football in Turning Over Hunger in our community.  “As a teacher and coach, we see things that other people in the community ordinarily do not see or think about. I can tell you that feeding families on a consistent basis with the Turnover for Hunger campaign in southeast Indiana is something that we should all support. There are students coming to classrooms hungry every day who count on the local schools for their main meals. The Turnover for Hunger campaign will certainly assist the most basic needs of many families and students in the area,” stated Oldenburg Academy Football Coach, Eric Feller.Both football teams are once again looking to the support of their fans, alumni, family and friends to help reach their goal of $15,000 to combat hunger at the eight food pantries serving Ripley County. Individuals may pledge a dollar amount of their choosing to donate for every turnover their favorite team forces in the 2018 regular and postseasons, or donate a flat onetime donation directly to the Turnover Hunger program.  “The Ripley County Community Foundation works hard to assist groups to give back to their community and I’m happy to see the communities of Batesville and Oldenburg embrace that philosophy. No one, especially children should ever have to go hungry. The Turning Over Hunger program embraces what both our communities are all about…caring people who are always happy to lend a hand. Whether you’re rooting for the Bulldogs or the Twisters, there is one thing both fan bases have in common…the desire to make sure families are able to receive the nourishment they need,” stated Batesville Schools Superintendent, Paul Ketchum.There are many ways to participate and donate. Individuals may complete a Turnover Hunger Pledge Form at the football games and return it to the Batesville football concession stands, Oldenburg football parent rep, the Ripley County Community Foundation, 13 East George Street, Suite B, Batesville, IN 47006, via email to office@rccfonline.org, donate online via PayPal at www.rccfonline.org, and/or donate via QR code on your phone during and/or after the games.“The Ripley County Community Foundation works hard to assist every individual or group in their quest to give back to their community.  The RCCF Board of Directors immediately recognized the Turnover Hunger initiative as a way for the community foundation to empower local youth with the tools needed to fulfill their charitable wishes.  The Community Foundation is proud to administer this program for the Batesville and Oldenburg Academy Football teams and hopes the seed planted in 2017 will continue to grow in 2018 and will become a countywide initiative in the future,” stated Amy Streator, RCCF Executive Director.last_img read more

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Blurton, Heger among Soderberg Memorial winners at Dodge City

first_imgBy Lonnie Wheatley DODGE CITY, Kan. (Sept.) – Zach Blurton and Ryan Heger were among those scoring victory honors as 124 cars filled the pit area Saturday night for the Inaugural Jerry Soderberg Memorial Championship event that closed out the season at Dodge City Raceway Park.While Blurton took URSS Sprint Car honors after apparent winner Taylor Velasquez weighed in light at the scales and Heger topped the season finale in IMCA Xtreme Motor Sports Modifieds for the second year in a row, Josh Appel took the win in United Wireless IMCA SportMods, Ron Hartman rallied from the tail to top the IMCA Sunoco Stock Cars, Dan Rogers bested the Thunder Cars and James Phelps won the Hornet finale.Heger emerged from a three-way shootout with Cole Traugott and Van Gemmill over the final circuits for his second win in season finale action in as many years.While Heger worked his way up from the 22nd starting position after heat race problems, Brad Keller and Jack Kirchoff paced the early circuits before Traugott surged into the lead on the 12th round in his bid for a third consecutive win to finish out the Dodge City season. Heger and the elder Gemmill had other ideas though, with Heger taking the checkered flag in the 20-lapper ahead of Gemmill. Beau Davis worked up to third in the final laps, Brendon Gemmill rebounded from mid-race issues to snare fourth with Traugott shuffled back to fifth in the final circuits. Austin Allen crossed the stripe sixth to put the finishing touches on his championship season.In similar fashion, Appel emerged from a multi-car battle over the last half of the race to post his first SportMod win of the year.Brian May paced the initial handful of rounds of the 20-lapper before Jeff Kaup surged into the lead. Trent Kleweno entered the mix at the midway point and held a handful of rounds before Appel battled into the lead for keeps on the 16th lap.Appel took the win ahead of Kleweno, with Kaup securing the title with his third place finish. Jared Baird and Mike Appel rounded out the top five.In Stock Car action, Hartman raced from 17th to take his first win of the season at Dodge City.Michael Pepper raced into the lead five laps into the 20-lapper before being swarmed by a host of challengers, with Hartman emerging with the lead on the 13th lap and then surviving some late challenges for the win ahead of Angel Munoz, Randy Dowell, Pepper and Justin Lewis. Billy Phelps finished off his championship season with a seventh-place finish.last_img read more

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Dozen declared for Derby

first_imgJim Bolger’s Dawn Approach heads a field of 12 for Saturday’s Investec Derby at Epsom. Ruler Of The World, impressive at Chester, will be partnered by Ryan Moore, with Richard Hughes on Mars. Seamie Heffernan receives the leg-up aboard stablemate Festive Cheer, and Colm O’Donoghue is on Flying The Flag. Elaine Burke’s Libertarian is the leading British-trained contender after his win in the Dante at York. German raider Chopin was supplemented on Monday after being purchased by Sheikh Fahad Al Thani’s Qatar Racing Ltd. Andre Fabre, successful two years ago with Pour Moi, runs the unbeaten Ocovango, with Galileo Rock, Mirsaale and Ocean Applause completing the field. Conditions at Epsom have eased considerably throughout the week, with clerk of the course Andrew Cooper now calling the ground good to soft, soft in places. “We’ve had nearly an inch of rain this week. I walked it yesterday evening and called it good to soft, good in places but I’ve walked it this morning and you’d have to call it good to soft, soft in places,” Cooper told At The Races. “The year High Chaparral won (2002) was undoubtedly the softest Derby I’ve had and this year will be similar. I can’t see the Derby now being run on anything appreciably better than good to soft.” The impressive Qipco 2000 Guineas winner remains unbeaten in his seven-race career and will attempt to follow in the hoofprints of his sire New Approach, who won the race in 2008. In an attempt to foil Dawn Approach and their big rivals Godolphin, Aidan O’Brien and Coolmore field five – although Irish Guineas winner Magician has been taken out, as expected. Chief Ballydoyle hope appears to be Battle Of Marengo, winner of the Derrinstown Derby Trial and ridden by Joseph O’Brien. center_img Press Associationlast_img read more

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Urban Life, MVP Sports donate 5 000 gloves to assist local health workers

first_imgPOPULAR local men’s store Urban Life and sports store MVP Sports, both located at Giftland Mall, have thrown their support behind the Ministry of Public Health’s (MoPH) effort to fight the current COVID-19 pandemic facing Guyana and the rest of the world.  The businesses have generously donated in excess of 5 000 pairs of gloves valued just over $500 000 to the MoPH to be used by the frontline health workers at this critical time.  The donation was delivered to the MoPH headquarters at Lot 1 Brickdam on Friday, April 3.Owners of the stores, Ian and Crystal Ramdeo said, “We cannot begin to express our appreciation for the health workers worldwide, especially here in Guyana. We are more than happy to help in ensuring their safety as they put themselves in danger on a daily basis in the battle against this pandemic.  We feel that it is critical that the entire business community gives its full support to planking the curve in the spread of this pandemic.”“It is heartening to see that many have already started doing this. However, everyone needs to play their part, in whatever way they can. We urge all Guyanese to be responsible and follow the guidelines of local and international health organisations by staying at home and washing hands among other directives.“We would also like to thank our customers for their continuous support which has made it possible for us to support this cause,” the Ramdeos noted.The two men’s stores are closed for the month of April with no income during this period. The Ramdeos said their first priority was ensuring that their employees are taken care of financially and can stay safely at home for the period of closure, even if it extends beyond April 30.The proprietors stated that in addition to this donation, they are trying to source surgical masks overseas, which are in high demand worldwide, as well as support local efforts of persons producing masks by funding some of the materials for these.They encourage all  persons to do their part in whatever small way possible so that Guyanese can win the war against this COVID-19.last_img read more

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NBA trade rumors: Rockets hoping to complete a deal this week

first_img Carmelo Anthony’s NBA career is over, some league executives reportedly believe Related News The Rockets needed the open roster space because they are hoping to complete a trade this week, the report says. Houston has been “primarily focused on acquiring wing talent,” according to an earlier report from The Athletic.The Rockets finished last season with a 65-17 record and advanced to the Western Conference Finals, where they fell to the Warriors in seven games. But, they’ve yet to replicate that success on either end of the floor in 2018-19. They’ve lost five of their last seven games and hold an 11-12 record. The Rockets are looking to make more roster moves.Houston waived former G-League forward Danuel House Jr. on Tuesday in order to create roster flexibility, according to a report from the Houston Chronicle, which cites an unidentified team source.center_img NBA trade rumors: Suns expected to make forward Trevor Ariza available Houston lost forwards Trevor Ariza and Luc Mbah a Moute to free agency in the offseason and brought in former star Carmelo Anthony to replace them. Houston, however, parted ways with the 10-time All-Star after just 10 games.Ariza signed a one-year, $15 million deal with the Suns this summer. Phoenix, however, is expected to make the forward available once he is eligible to be traded Dec. 15, according to a report this week from The New York Times.The Rockets will face the Jazz in Utah on Thursday.last_img read more

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Brewers teammates lead cheers as Jimmy Nelson makes first game appearance since September 2017

first_imgThe rehab process was laborious, as rehab processes tend to be. So when Nelson walked in from the Milwaukee bullpen down the third-base line to start the sixth inning of the Brewers’ game against the White Sox on Monday, his teammates — dozens and dozens of them still packed into the dugout just to see the moment — jumped up and lined the rails, hands over their heads cheering for the right-hander, who was a rotation stalwart from 2015-17. The crowd at the ballpark followed the lead of the players, with a big cheer that grew into a standing-and-clapping roar when he was officially announced. #Brewers Jimmy Nelson talks about reception from his teammates and fans when returning to mound today. pic.twitter.com/Hurd51ksJy— Tom (@Haudricourt) March 11, 2019“It was awesome,” Brewers reliever Jeremy Jeffress told SN in the clubhouse after Nelson’s inning. “That was big for Jimmy, just getting back out there. The ovation he got, I know he’s excited about it.”Nelson pointed over to the dugout with his glove hand, acknowledging his teammates, then stepped onto the mound. Normally, by the sixth inning of a spring game, the dugout would be nearly empty when the team is playing defense. Monday, it was packed. Even Jhoulys Chacin, the starting pitcher for the Brewers, stayed instead of heading into the clubhouse. He’s watched Nelson’s rehab journey, so of course he stayed.  “It gives you chills,” Chacin said.Nelson was greeted by a home run, on a 1-0 pitch to Adam Engel, but nobody wearing a Brewers jersey cared one bit about that. Nelson finished his one inning with three strikeouts, two runs and four hits allowed. “He struck out three guys and had to get through it a little bit, which is how the game works,” manager Craig Counsell said.  And White Sox hitters went down swinging in all three strikeouts. “What he did today, just getting back out there, his velocity was great, he threw a couple nasty sliders out there,” Jeffress said. “What he did today was progress, that’s for sure.” When he came out of the game, after striking out Danny Mendick, his teammates came out to greet him. It was a cool scene. Jimmy Nelson just pitched his first inning against another team since 2017. His Brewers teammates spilled out of the dugout to congratulate him.Very cool. pic.twitter.com/3PKiEhs0uo— Ryan Fagan (@ryanfagan) March 11, 2019“Not many times in the sixth inning you see that many guys in the dugout,” Chacin said. “That’s something, you can tell we are together and we are family. We support our guys. We know Jimmy, how hard he’s been working the last year and a half to do this, to make a comeback.” PHOENIX — As sixth innings of spring training games rate, this one was pretty special. Brewers pitcher Jimmy Nelson hadn’t pitched a competitive inning against a batter wearing another team’s uniform since September 8, 2017. Nelson injured his shoulder diving back into the first-base bag in the sixth inning of that game against the Cubs and had shoulder surgery a few weeks later.last_img read more

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